Butterfly Network, Inc. Earnings Per Share Disclosure
| Year ended December 31, 2025 | |||||||||||||||||
| Class A | Class B | Total Common Stock | |||||||||||||||
| Numerator: | |||||||||||||||||
| Allocation of undistributed earnings | $ | (68,823) | $ | (8,241) | $ | (77,064) | |||||||||||
| Numerator for basic and diluted net loss per share – loss available to common stockholders | $ | (68,823) | $ | (8,241) | $ | (77,064) | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average common shares outstanding | 220,697,428 | 26,426,937 | 247,124,365 | ||||||||||||||
| Denominator for basic and diluted net loss per share – weighted-average common stock | 220,697,428 | 26,426,937 | 247,124,365 | ||||||||||||||
| Basic and diluted net loss per share | $ | (0.31) | $ | (0.31) | $ | (0.31) | |||||||||||
| Year ended December 31, 2024 | |||||||||||||||||
| Class A | Class B | Total Common Stock | |||||||||||||||
| Numerator: | |||||||||||||||||
| Allocation of undistributed earnings | $ | (63,442) | $ | (9,050) | $ | (72,492) | |||||||||||
| Numerator for basic and diluted net loss per share – loss available to common stockholders | $ | (63,442) | $ | (9,050) | $ | (72,492) | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average common shares outstanding | 185,255,823 | 26,426,937 | 211,682,760 | ||||||||||||||
| Denominator for basic and diluted net loss per share – weighted-average common stock | 185,255,823 | 26,426,937 | 211,682,760 | ||||||||||||||
| Basic and diluted net loss per share | $ | (0.34) | $ | (0.34) | $ | (0.34) | |||||||||||
| Year ended December 31, 2023 | |||||||||||||||||
| Class A | Class B | Total Common Stock | |||||||||||||||
| Numerator: | |||||||||||||||||
| Allocation of undistributed earnings | $ | (116,497) | $ | (17,203) | $ | (133,700) | |||||||||||
| Numerator for basic and diluted net loss per share – loss available to common stockholders | $ | (116,497) | $ | (17,203) | $ | (133,700) | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average common shares outstanding | 178,958,607 | 26,426,937 | 205,385,544 | ||||||||||||||
| Denominator for basic and diluted net loss per share – weighted-average common stock | 178,958,607 | 26,426,937 | 205,385,544 | ||||||||||||||
| Basic and diluted net loss per share | $ | (0.65) | $ | (0.65) | $ | (0.65) | |||||||||||
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Outstanding options to purchase common stock | 5,551,227 | 6,560,736 | 7,439,187 | ||||||||||||||
| Outstanding restricted stock units | 21,538,563 | 21,250,230 | 15,569,983 | ||||||||||||||
Outstanding employee stock purchase plan options | 1,200,537 | 1,948,409 | — | ||||||||||||||
| Outstanding warrants | 20,652,690 | 20,652,690 | 20,652,690 | ||||||||||||||
| Total anti-dilutive common equivalent shares | 48,943,017 | 50,412,065 | 43,661,860 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Mar 4, 2024 | |
| 2021 | Feb 28, 2022 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.